South Indian Bank net profit up at Rs 81.77 cr

Mumbai: South Indian Bank Ltd (SIB) net profit increased to Rs 81.77 crore in the Q4FY 11 as compared to Rs 38.62 crore in the same period last year.

The bank’s total interest income for the fourth quarter of the current financial year ended March 31, 2011 stood at Rs 764.19 crore compared with Rs 557.65 crore for the comparative period ended March 31, 2010. Its total expenditure for the period under review is Rs 611 crore (Rs 506.05 crore).

After taking into account provision and other contingencies of Rs 26.41 crore, taxation current of Rs 37.83 crore (Rs 13.63 crore) and deferred of Rs 7.18 crore (Rs 2.43 crore)- the net profit of the bank has zoomed to Rs 81.77 crore, a bank statement said here.

For the full year ended March, 2011, SIB’s total interest income rose to Rs 2,642.70 crore compared with Rs 2,144.18 crores for the year ended March, 2010. Its total expenditure for the year under review is Rs 2,117.46 crore (Rs 1,733.61 crore).

After taking into account provision and other contingencies of Rs 79.75 crore (Rs 43.26 crore), taxation current of Rs 146.50 crore (Rs 142.95 crore) and deferred of Rs 6.43 crores, the net profit of SIB has zoomed by over 25 per cent to Rs 292.56 crore as compared to Rs 233.76 crore in FY 10.

The total business of the bank grew by 29.12 per cent from Rs 39,127 crore to Rs 50,520 crore. While the deposits has gone up by Rs 6,709 crore from Rs 23,012 crore to Rs 29,721 crore registering a growth of 29.15 per cent, the advances has increased by Rs 4,684 crore from Rs 16,115 crore to Rs 20,799 crores, registering a growth of 29.07 per cent.

The capital adequacy ratio of the bank is healthy at 13.17 per cent (under BASEL I) and 14.01 per cent (under BASEL II) as against the regulatory requirement of nine per cent.(Agencies)